Derbyshire agri-tech company, Light Science Technologies, posts £4.36M profits for Q1 – 2, 2023
Agricultural technology firm, Light Science Technologies Holdings, which is based in Derbyshire, has reported significant growth and improved financial performance for the first half of the 2023 fiscal year.
During the six months to June 2023, the company’s revenue surged to £4.36 million, marking a notable increase from the £3.56 million recorded in the corresponding period of 2022. Simultaneously, pre-tax losses reduced from £1.28 million to £809,281.
Light Science Technologies Holdings highlighted the impressive revenue growth achieved by its CEM division. Additionally, the company successfully secured £1.45 million in fresh capital, earmarked for various purposes, including enhancing product development and safeguarding intellectual property within its CEA division.
The company has expressed its readiness to capitalise on expanding opportunities, with chief executive Simon Deacon saying: “We continue to be excited by the growth potential across both divisions. With the CEM division continuing to be our predominant revenue generator, and the CEA division continuing to develop and market solutions to the unprecedented pressures affecting the agricultural sector, we are well-placed to take advantage of growth opportunities.
“Daily discourse regarding food security and supply highlights the ongoing challenges and impacts of unreliable harvests and labour shortages and we believe that our solutions will help mitigate these issues.”